Premarket: Stocks edge up on Fed cut bets; euro firm ahead of ECB decision

Stocks nudged up on Thursday and the euro rose ahead of a European Central Bank monetary policy decision, while investor sentiment was supported by U.S. consumer inflation data that cemented bets for a Federal Reserve interest rate cut next week.

Europe’s STOXX 600 edged into positive territory, while Swiss stocks rallied sharply following the SNB’s rate cut. U.S. stock index futures were down 0.1-0.2% The Australian dollar surged on unexpectedly strong employment data, rebounding from Wednesday’s weakness following a Reuters report that Beijing is considering allowing the yuan to depreciate further next year. China is Australia’s top trading partner and the Aussie is often used as a liquid proxy for the yuan.

“Cutting the policy rate by 50 basis points is the right decision, as inflation risks are on the downside and the economy is growing below potential, while Switzerland’s main export are struggling with structural and cyclical problems,” Karsten Junius, chief economist at J Safra Sarasin, said.

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